Gladstone Development Corp. announces acquisition of two properties and disposition of one property

GREENWICH, Conn. - May 5, 2014 - PRLog -- Gladstone Development Corp. of Greenwich, CT is pleased to announce the recent acquisitions of a Michaels anchored shopping center at Thornydale Plaza in Tucson, Arizona and a free-standing Rite Aid building in Ashland, Ohio.  Gladstone also announces the sale of the former Chef Central building on Central Avenue in Hartsdale, New York to an entity controlled by Safavieh, which has opened a Safavieh home furnishings store at the location.

Richard Gladstone, President of Gladstone Development Corp., states:  "We are very happy about our two new acquisitions.   The Michaels property is in a main retail corridor at one of the busiest intersections in Northwest Tucson and has a stabilized tenancy with solid sales.  The Rite Aid building in Ohio is well-located; and Rite Aid has been at this location for over 30 years with below market rents and steady sales numbers.

"I would also like to thank all of the brokers involved in our recent transactions for their efforts and professionalism:  Reed Hudson of the Stan Johnson Company, who represented the sellers in the Tucson, Arizona purchase; Ian Schroeder and Nathan Newman of CBRE, who represented the sellers in the Ashland, Ohio purchase; and Christian Bangert and Tyler Lyman of RHYS Commercial, who represented Safavieh in the sale of our Hartsdale, NY property.”

Gladstone Development Corp. is a Greenwich, CT based real estate firm focusing primarily on the acquisition, management, leasing and redevelopment of shopping centers across the United States.  Major tenants in properties owned and developed by Gladstone Development Corp. have included Wal-Mart, Target, Home Depot, Stop & Shop, Price Chopper, Winn-Dixie, Michaels, Rite Aid, Tractor Supply, Anthropologie, and Chase Bank among other major national and regional tenants.  The principals of Gladstone Development Corp. have over 60 combined years of commercial real estate experience and currently own and operate properties in eight states.